Avtovaz narrows RAS net losses 65.6% to 12.38 bln rubles in 2017
MOSCOW. Feb 15 (Interfax) - Avtovaz narrowed net losses to Russian Accounting Standards (RAS) to 12.384 billion rubles in 2017, the company said in a report.
Revenue increased 23% to 233.826 billion rubles.
Cost of sales rose 12.9% to 240.175 billion rubles in 2017.
Gross profit was 13.041 billion rubles, up from a 4.904 billion ruble net loss the previous year. Avtovaz had commercial costs of 6.780 billion rubles, up 17.5% and administrative costs of 7.437 billion rubles, up 5.4%. The sales loss in 2017 was 1.176 billion rubles compared to 17.726 billion rubles the previous year.
Long-term borrowings were down 0.6% since the start of 2017 to 91.56 billion rubles with total long-term obligations down 1.1% to 95.76 billion rubles.
Short-term borrowings fell 18.8% over the year to 34.99 billion rubles while accounts payable increased 4.3% to 69.66 billion rubles. Short-term obligations fell 3.6% to 113.440 billion rubles.